Councilmember McDuffie Releases Committee on Business and Economic Development FY22 Budget Report

Councilmember McDuffie Releases Committee on Business and Economic Development FY22 Budget Report

FY22 Budget, Press Release
Prioritizes addressing the District’s racial wealth gap, tackling systemic barriers to access capital and supporting workers & small businesses most impacted by the pandemic For Release: Thursday, July 1, 2021 Contact: Malcom Fox, 202-227-1701, mfox@dccouncil.us Washington, DC – Today, the Committee on Business and Economic Development released its FY22 Budget report. Chairman Kenyan McDuffie prioritized funding programs that would reduce the District’s stark racial wealth gap, address gaps in access to capital for socially disadvantaged entrepreneurs and provide financial relief for workers and small businesses in industries that have been the most impacted by this pandemic. “The Committee’s budget dollars must facilitate an equitable recovery and address the structural economic barriers for communities of color that predate this pandemic,” said Councilmember McDuffie. “The Child Wealth Building Act and guaranteed basic…
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Councilmember McDuffie Convenes Hearing on Child Wealth Building Act, Guaranteed Basic Income and Tax Policy

Councilmember McDuffie Convenes Hearing on Child Wealth Building Act, Guaranteed Basic Income and Tax Policy

Hearing, Legislation Information, Press Release
Hearing an important step to advance wealth equity legislation and investigate revenue streams in the context of a post COVID-19 recession For Release: Tuesday, May 25, 2021 Contact: Malcom Fox, 202-227-1701, mfox@dccouncil.us Washington, DC – Today, Ward 5 Councilmember and Chair of the Committee on Business and Economic Development Kenyan McDuffie convened a hearing to further develop wealth his Child Wealth Building Act, discuss the benefits of a guaranteed basic income pilot program, explore tax policy proposals and understand the long term impacts of the COVID-19 induced recession on our economic landscape. The four panels featured wealth equity and tax policy experts to help design these proposals. “We must pass bold and transformational policies that chip away at the District’s stark racial inequities,” said Councilmember McDuffie. “The Child Wealth Building…
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Councilmember McDuffie Unveils “Baby Bonds” Legislation to Eliminate DC’s Racial Wealth Gap

Councilmember McDuffie Unveils “Baby Bonds” Legislation to Eliminate DC’s Racial Wealth Gap

Press Release
New program would make unprecedented investment aimed at eliminating the District’s racial wealth gap    For Release: Tuesday, May 4, 2021 Contact: Malcom Fox, 202-227-1701, mfox@dccouncil.us Washington, DC – Yesterday, Ward 5 Councilmember Kenyan McDuffie introduced the Child Wealth Building Act, a child trust fund or “baby bonds” proposal aimed at eliminating the District’s stark racial wealth gap and ending generational poverty. In the District, a white family’s median wealth ($284,000) is 81 times higher than the median wealth of a Black family ($3,500). If passed, the child trust fund proposal would ensure that every baby born in the District has tangible economic, educational, and entrepreneurial opportunities to succeed. “Residents of color have waited long enough for the transformational change necessary to achieve racial equity,” said Councilmember McDuffie. “We must…
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